Most people asking “what’s the best performing super fund” aren’t really asking about performance. They’re asking a quieter question. Is my money in the right place? Am I going to be okay?
If that’s where you are, you’re in the same spot as a lot of people we sit down with each week. So before we get into the rankings (and we will, with real numbers), here’s the honest version of the answer: the fund at the top of the leaderboard isn’t always the right fund for you, and the word “balanced” on your investment option probably doesn’t mean what you think it means. That second one catches almost every new client we meet. Let’s go through this the way we would over a coffee.
Nothing in this article is a recommendation of any fund. It is a factual summary of published performance data and a guide to reading it properly.
The 2026 leaderboard, with the year-end results in
The 2025-26 financial year results landed in July, and it was the fourth consecutive strong year for super. The median balanced option returned 9.4% for the year to 30 June 2026 on SuperRatings’ index, down from 10.3% the year before, against a long-term average of around 7.3% a year since compulsory super began in 1992. On Chant West’s survey, the median growth fund returned 9.5%.
The quirk at the top of the table says a lot. The number one option on SuperRatings’ Balanced index, for the second year running, was Raiz Super’s Moderately Aggressive option at 13.4%. Read that again. An option literally named Moderately Aggressive won the balanced category. That’s possible because “balanced” in these surveys covers anything holding 60% to 76% growth assets, which is your first clue that the labels need translating.
Among the household names: Hostplus Indexed Balanced returned 11.1%, Hostplus Balanced 10.8% and UniSuper Balanced 10.4%. On Chant West’s growth rankings, UniSuper Growth topped the table at 12.3% against a median of 9.5%. Over the 10 years to 30 June 2026, Hostplus Balanced remains the top performing balanced option at 8.9% per annum, with Brighter Super, Australian Retirement Trust, AustralianSuper and UniSuper close behind, separated by less than 1% per annum.
Sources: SuperRatings FY26 media release, 17 July 2026 and Chant West FY26 survey data. Returns are after investment fees and taxes, before administration fees. Current as at September 2026.
Please note: All figures and scenarios in this article are approximate and for illustrative purposes only. Individual outcomes will vary based on personal circumstances, investment returns, fees and current government policy. Past performance is not a reliable indicator of future performance. This is general information, not personal advice.
What this year’s numbers quietly tell you
Two details in the FY26 data are worth more than the rankings themselves.
First, the drivers rotated again. This year’s returns were carried largely by international shares, which returned 25.5% in hedged terms on Chant West’s numbers, powered by companies supplying the AI boom. That’s why indexed options had a big year: Hostplus Indexed Balanced at 11.1% beat most actively managed balanced options while charging a fraction of the fees. Meanwhile, the median sustainable balanced option returned 6.4%, well below the broader pack, after leading in other years. Whatever is overweight in the thing that worked this year tops this year’s table. That is not skill you can bank on repeating, which is why 7 to 10 year returns are the more useful comparison.
Second, the gaps at the top are small. Over a decade, the leading balanced options sit within about 1% per annum of each other. The gap between a top fund and a genuinely poor one is worth paying attention to. The gap between first and fourth on the leaderboard usually is not, once your own circumstances enter the picture. For the long view, SuperRatings makes the point neatly: $100 invested in the median balanced fund in 1992 would now be worth around $1,099.
The “balanced” trap that catches people at 58
Here’s what we’ve learned after more than a decade of helping Australians retire. Most people were defaulted into their investment option years ago, the label said “balanced,” they assumed it was middle-of-the-road, and they never looked again. Then they come in at 58 wanting to retire at 62, and we have a conversation that should have happened five years earlier.
Phil put the industry-wide problem bluntly on the podcast: “A balanced fund is not a true balanced fund with most of these funds these days. They are every day of the week a growth fund that they slap the name balanced on.” A so-called balanced option holding 70% or more in growth assets carries growth-level risk, and that is exactly where much of the leaderboard’s outperformance comes from. The full episode on DIY super tools is worth 15 minutes:
This is why the highest performing balanced fund over 10 years isn’t automatically the right fund for someone close to retirement. The performance came from carrying more growth assets. The same growth allocation that drove the return is what will drive your risk into and through retirement, when a bad sequence of returns early in drawdown does damage that averages never show. Scott and Phil walked through that on the episode about playing it safe in retirement: two retirees can earn the same 6% average return, but a bad run at the start can wipe 10 years off how long the money lasts.
If reading this is making you wonder what’s actually inside your own “balanced” option, that’s a good instinct. Log in, check the asset allocation, and compare the growth percentage against what the label led you to expect.
How to compare funds properly
Rankings are a starting point, not an answer. The comparison that actually holds up:
Use 7 to 10 year net returns, not one year. Long-run, after-fee returns wash out the year-to-year rotation and reveal persistent differences.
Check total fees at your balance. The ATO YourSuper comparison tool shows standardised fees and 8-year net returns across MySuper products, and flags funds that failed the APRA performance test. It is the most reliable free comparison available because every fund reports on the same basis.
Match the allocation to your stage, not the leaderboard. A high-growth setting that suits a 35-year-old in accumulation can be wrong for a 63-year-old about to draw an income. Same fund, same option, different answer.
Look past the label. Compare the actual growth-asset percentage between options, since “balanced” at one fund can hold more growth than “growth” at another.
Performance is only one part of choosing a fund anyway. Fees, insurance and how the fund handles the pension phase all matter, and we’ve covered those in what actually matters when choosing a super fund before retirement.
Want a quick read on where your balance itself sits before comparing funds? Run your numbers through the free Wealthlab super calculator. It takes two minutes and beats guessing.
Frequently asked questions
What is the best performing super fund in Australia over 10 years?
Over the 10 years to 30 June 2026, Hostplus Balanced leads the balanced options at 8.9% per annum on SuperRatings data. Brighter Super, Australian Retirement Trust, AustralianSuper and UniSuper sit close behind, separated by less than 1% per annum. For one-year performance, the leader changes year to year, which is exactly why 7 to 10 year returns are the more useful comparison.
Which super fund performed best in 2025-26?
On SuperRatings’ Balanced index, Raiz Super’s Moderately Aggressive option topped the table at 13.4%, followed by NGS Super Diversified at 11.5% and Hostplus Indexed Balanced at 11.1%. On Chant West’s growth category, UniSuper Growth led at 12.3%. Different surveys define categories differently, so the “winner” depends on whose table you read.
What was the average super fund return in 2025-26?
The median balanced option returned 9.4% for the year to 30 June 2026 on SuperRatings’ index, and the median growth fund returned 9.5% on Chant West’s survey. That’s the fourth consecutive year of strong returns, though both research houses caution that returns at this level shouldn’t be treated as normal. The median sustainable balanced option returned 6.4%.
Is the top performing fund the right fund for me?
Not necessarily. The fund with the highest 10-year return earned that return by carrying a higher growth allocation. For someone in their 30s with decades until retirement, a higher growth allocation generally has time on its side. For someone five years from retirement, the same allocation carries more sequencing risk than they may realise. The right fund depends on your age, balance and how close you are to drawing on it.
Did indexed options really beat active funds this year?
In 2025-26, yes, broadly. Returns were driven by international shares that index options hold at full weight, so several indexed balanced options finished above most active peers while charging lower fees. One year proves nothing on its own, but it is a useful reminder that higher fees do not guarantee higher returns.
Should I switch super funds based on the rankings?
Rankings are a reasonable prompt to check your fund, not a reason to switch by themselves. Comparing 7 to 10 year net returns, total fees at your balance and the actual asset allocation, through the ATO YourSuper tool, gives a fair picture. Switching also has practical considerations, including insurance held inside the current fund. Whether a move suits your situation depends on individual factors, and this is an area where personal advice earns its keep.
How do I check what’s inside my “balanced” option?
Log into your super account, find the investment option details and look for the strategic asset allocation. Add up the growth assets (shares, property, private equity and most alternatives). Many options labelled balanced hold 70% or more in growth assets, which behaves very differently in a downturn from the 50/50 mix the word suggests. The ATO YourSuper tool and the APRA MySuper product performance dashboard show the same data on a standardised basis, using government-verified figures rather than industry awards.
Where this leaves you
If you’re trying to work out whether your super is in the right place, “best performing” is the wrong question to start with. The better questions are: am I in the right investment option for my stage of life, are my fees reasonable for the returns I’m getting, and does my fund handle the transition to retirement well.
If those questions feel uncomfortable to sit with, that’s actually a useful signal. It usually means there’s something worth a closer look. Most of the people we work with came in feeling exactly that, and walked out with a much clearer picture and a lot less worry.
For more on how super, the Age Pension and your retirement income fit together, see our superannuation and retirement planning service pages.
How to compare funds properly
Rankings are a starting point, not an answer. The comparison that actually holds up:
Use 7 to 10 year net returns, not one year. Long-run, after-fee returns wash out the year-to-year rotation and reveal persistent differences.
Check total fees at your balance. The ATO YourSuper comparison tool shows standardised fees and 8-year net returns across MySuper products, and flags funds that failed the APRA performance test. It is the most reliable free comparison available because every fund reports on the same basis.
Match the allocation to your stage, not the leaderboard. A high-growth setting that suits a 35-year-old in accumulation can be wrong for a 63-year-old about to draw an income. Same fund, same option, different answer.
Look past the label. Compare the actual growth-asset percentage between options, since “balanced” at one fund can hold more growth than “growth” at another.
Performance is only one part of choosing a fund anyway. Fees, insurance and how the fund handles the pension phase all matter, and we’ve covered those in what actually matters when choosing a super fund before retirement.
Want a quick read on where your balance itself sits before comparing funds? Run your numbers through the free Wealthlab super calculator. It takes two minutes and beats guessing.
Frequently asked questions
What is the best performing super fund in Australia over 10 years?
Over the 10 years to 30 June 2026, Hostplus Balanced leads the balanced options at 8.9% per annum on SuperRatings data. Brighter Super, Australian Retirement Trust, AustralianSuper and UniSuper sit close behind, separated by less than 1% per annum. For one-year performance, the leader changes year to year, which is exactly why 7 to 10 year returns are the more useful comparison.
Which super fund performed best in 2025-26?
On SuperRatings’ Balanced index, Raiz Super’s Moderately Aggressive option topped the table at 13.4%, followed by NGS Super Diversified at 11.5% and Hostplus Indexed Balanced at 11.1%. On Chant West’s growth category, UniSuper Growth led at 12.3%. Different surveys define categories differently, so the “winner” depends on whose table you read.
What was the average super fund return in 2025-26?
The median balanced option returned 9.4% for the year to 30 June 2026 on SuperRatings’ index, and the median growth fund returned 9.5% on Chant West’s survey. That’s the fourth consecutive year of strong returns, though both research houses caution that returns at this level shouldn’t be treated as normal. The median sustainable balanced option returned 6.4%.
Is the top performing fund the right fund for me?
Not necessarily. The fund with the highest 10-year return earned that return by carrying a higher growth allocation. For someone in their 30s with decades until retirement, a higher growth allocation generally has time on its side. For someone five years from retirement, the same allocation carries more sequencing risk than they may realise. The right fund depends on your age, balance and how close you are to drawing on it.
Did indexed options really beat active funds this year?
In 2025-26, yes, broadly. Returns were driven by international shares that index options hold at full weight, so several indexed balanced options finished above most active peers while charging lower fees. One year proves nothing on its own, but it is a useful reminder that higher fees do not guarantee higher returns.
Should I switch super funds based on the rankings?
Rankings are a reasonable prompt to check your fund, not a reason to switch by themselves. Comparing 7 to 10 year net returns, total fees at your balance and the actual asset allocation, through the ATO YourSuper tool, gives a fair picture. Switching also has practical considerations, including insurance held inside the current fund. Whether a move suits your situation depends on individual factors, and this is an area where personal advice earns its keep.
How do I check what’s inside my “balanced” option?
Log into your super account, find the investment option details and look for the strategic asset allocation. Add up the growth assets (shares, property, private equity and most alternatives). Many options labelled balanced hold 70% or more in growth assets, which behaves very differently in a downturn from the 50/50 mix the word suggests. The ATO YourSuper tool and the APRA MySuper product performance dashboard show the same data on a standardised basis, using government-verified figures rather than industry awards.
Where this leaves you
If you’re trying to work out whether your super is in the right place, “best performing” is the wrong question to start with. The better questions are: am I in the right investment option for my stage of life, are my fees reasonable for the returns I’m getting, and does my fund handle the transition to retirement well.
If those questions feel uncomfortable to sit with, that’s actually a useful signal. It usually means there’s something worth a closer look. Most of the people we work with came in feeling exactly that, and walked out with a much clearer picture and a lot less worry.
For more on how super, the Age Pension and your retirement income fit together, see our superannuation and retirement planning service pages.
If any of this has raised questions about your own situation, book a free chat with the Wealthlab team. It’s a no-pressure conversation. We’ll either confirm you’re on the right track, or point out a couple of things worth tidying up. Either way, you’ll leave with more clarity than you walked in with.
Prefer a quick general snapshot first? The Wealthlab retirement quiz takes about a minute.
